Us Global Investors Funds NPORT-P/A Usgi World Precious Minerals Fund (Sep 2022 report)

Portfolio

of

Investments

(unaudited)

1

See

notes

to

portfolios

of

investments.

September

30,

2022

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

93.07%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

42.65%

Fixed

Rates:

0.10

11/23/22

$

2,000,000

$

1,991,469

0.12

01/12/23

3,000,000

2,970,253

Floating

Rates:

(Federal

Reserve

Bank

Effective

Rate

+

(0.02)%)

3.07

05/15/23

5,000,000

5,001,769

(U.S.

Treasury

3

Month

Bill

Money

Market

Yield

+

0.42%)

3.72

11/07/22

1,000,000

1,000,593

(U.S.

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%)

3.35

01/31/23

3,800,000

3,800,217

14,764,301

Federal

Home

Loan

Bank

14.85%

Fixed

Rates:

3.25

08/15/23

855,000

845,199

4.30

09/26/23

2,000,000

2,002,200

1.25

01/28/25

1,000,000

924,890

0.68

02/26/25

1,500,000

1,367,882

5,140,171

U.S.

Treasury

Note/Bond

35.57%

Fixed

Rates:

1.38

10/15/22

1,000,000

999,563

0.13

06/30/23

1,500,000

1,456,459

0.13

12/15/23

2,000,000

1,903,438

1.50

02/29/24

1,000,000

961,855

0.25

06/15/24

1,500,000

1,401,182

1.75

07/31/24

1,000,000

955,898

0.63

10/15/24

1,000,000

929,707

0.75

11/15/24

1,000,000

929,297

0.50

03/31/25

1,000,000

912,461

2.88

04/30/25

1,000,000

966,367

0.25

06/30/25

1,000,000

897,715

12,313,942

Total

United

States

Government

and

Agency

Obligations

32,218,414

(cost

$33,014,248)

Exchange

Traded

Fund

4.01%

Shares

Value

Vanguard

Short-Term

Treasury

ETF

24,000

1,386,960

(cost

$1,467,322)

Investments,

at

value

97.08%

33,605,374

(cost

$34,481,570

)

Other

assets

and

liabilities,

net

2.92%

1,012,368

Net

Assets

100.00%

$

34,617,742

Portfolio

of

Investments

(unaudited)

2

See

notes

to

portfolios

of

investments.

September

30,

2022

Near-Term

Tax

Free

Fund

Municipal

Bonds

74.90%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

California

6.23%

City

of

Milpitas

CA

Wastewater

Revenue,

California,

Refunding,

RB

5.00

11/01/24

$

350,000

$

363,561

East

Side

Union

High

School

District,

California,

GO

Unlimited

AGM

5.00

08/01/24

200,000

206,682

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

11/01/30

400,000

448,042

State

of

California,

California,

GO

Unlimited

5.00

11/01/31

400,000

444,754

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

11/01/27

500,000

542,188

2,005,227

Colorado

3.34%

City

&

County

of

Denver

Airport

System

Revenue,

Colorado,

Prefunding,

RB,

Series B

5.00

11/15/27

300,000

300,663

City

of

Glendale

CO,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

750,000

774,677

1,075,340

Connecticut

1.95%

State

of

Connecticut,

Connecticut,

GO

Unlimited

5.00

11/15/31

200,000

209,158

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

211,140

Town

of

Simsbury

CT,

Connecticut,

Refunding,

GO

Unlimited

5.00

08/01/24

200,000

206,645

626,943

Florida

3.68%

City

of

Miramar

FL,

Florida,

Refunding,

RB

5.00

10/01/22

305,000

305,000

County

of

Miami-Dade

FL,

Florida,

Refunding,

GO

Unlimited

5.00

07/01/27

325,000

349,327

State

of

Florida,

Florida,

Refunding,

GO

Unlimited

5.00

06/01/28

500,000

529,661

1,183,988

Hawaii

0.58%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

175,000

186,303

Portfolio

of

Investments

(unaudited)

3

See

notes

to

portfolios

of

investments.

September

30,

2022

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Idaho

3.08%

Jerome

Lincoln

&

Gooding

Counties

Joint

School

District

No.

261,

Idaho,

GO

Unlimited

4.00

09/15/32

$

245,000

$

250,507

Owyhee

&

Canyon

Counties

Joint

School

District

No.

370

Homedale,

Idaho,

GO

Unlimited

4.00

09/15/31

720,000

739,317

989,824

Illinois

7.00%

City

of

St

Charles

IL,

Illinois,

GO

Unlimited

5.00

12/01/23

210,000

214,331

Cook

County

Township

High

School

District

No.

225,

Illinois,

Refunding,

GO

Unlimited

5.00

12/01/24

300,000

310,091

Illinois

State

Toll

Highway

Authority,

Illinois,

RB

5.00

01/01/32

505,000

528,567

Metropolitan

Water

Reclamation

District

of

Greater

Chicago,

Illinois,

GO

Limited

5.00

12/01/26

350,000

363,700

Village

of

Deerfield

IL,

Illinois,

Refunding,

GO

Unlimited

5.00

12/01/22

835,000

837,570

2,254,259

Louisiana

0.89%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

295,000

286,373

Maryland

1.68%

State

of

Maryland,

Maryland,

GO

Unlimited

5.00

08/01/27

500,000

540,560

Michigan

2.16%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

365,000

385,513

Michigan

Finance

Authority,

Michigan,

RB

AGM

5.00

07/01/26

300,000

308,816

694,329

Missouri

0.78%

City

of

Kansas

City

MO

Water

Revenue,

Missouri,

RB,

Series F

AGM

4.00

12/01/22

250,000

250,364

New

Jersey

2.55%

City

of

Jersey

City

NJ,

New

Jersey,

Refunding,

GO

Unlimited

5.00

11/01/28

350,000

376,126

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

444,803

820,929

Portfolio

of

Investments

(unaudited)

4

See

notes

to

portfolios

of

investments.

September

30,

2022

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

New

Mexico

2.00%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

$

600,000

$

644,226

New

York

3.01%

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/25

250,000

261,703

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

212,202

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/28

300,000

313,617

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Refunding,

RB

5.00

06/15/29

175,000

179,844

967,366

Pennsylvania

1.10%

Deer

Creek

Drainage

Basin

Authority,

Pennsylvania,

Refunding,

RB

AGM

4.00

12/01/31

345,000

352,433

South

Carolina

1.01%

City

of

Cayce

SC

Water

&

Sewer

System

Revenue,

South

Carolina,

Refunding,

RB

BAM

5.00

06/01/30

300,000

325,387

Tennessee

1.81%

County

of

Claiborne

TN,

Tennessee,

Refunding,

GO

Unlimited

AGM

5.00

04/01/28

300,000

325,267

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

Tennessee,

GO

Unlimited

5.00

07/01/24

250,000

257,776

583,043

Texas

25.32%

Aldine

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

02/15/28

750,000

788,294

City

of

Austin

TX,

Texas,

Refunding,

GO

Limited

5.00

09/01/24

215,000

222,494

City

of

Buda

TX,

Texas,

Refunding,

GO

Limited

4.00

02/15/29

135,000

139,055

City

of

El

Paso

TX,

Texas,

Refunding,

GO

Limited

5.00

08/15/30

245,000

268,006

City

of

Rowlett

TX,

Texas,

GO

Limited

5.00

02/15/29

300,000

324,052

County

of

Galveston

TX,

Texas,

Refunding,

GO

Unlimited

4.00

02/01/23

545,000

546,527

Eagle

Mountain

&

Saginaw

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

08/15/32

450,000

456,338

Portfolio

of

Investments

(unaudited)

5

See

notes

to

portfolios

of

investments.

September

30,

2022

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Texas

(cont’d)

Ector

County

Independent

School

District,

Texas,

Prefunding,

GO

Unlimited

PSF-GTD

5.00

08/15/29

$

400,000

$

406,430

Fort

Worth

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

5.00

02/15/23

3,920,000

3,947,091

Harlandale

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

02/15/28

300,000

306,061

North

Texas

Municipal

Water

District,

Texas,

RB

4.00

06/01/30

310,000

317,625

Texas

City

Independent

School

District/TX,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

08/15/28

410,000

428,296

8,150,269

Utah

0.90%

Jordan

Valley

Water

Conservancy

District,

Utah,

Refunding,

RB

5.00

10/01/24

280,000

290,055

Vermont

0.97%

City

of

Burlington

VT,

Vermont,

GO

Unlimited

5.00

11/01/30

285,000

312,823

Virginia

1.68%

Commonwealth

of

Virginia,

Virginia,

Refunding,

GO

Unlimited

5.00

06/01/23

535,000

541,820

Washington

2.24%

Energy

Northwest,

Washington,

Refunding,

RB

5.00

07/01/31

220,000

225,713

State

of

Washington,

Washington,

Refunding,

GO

Unlimited

5.00

07/01/23

490,000

496,827

722,540

Wisconsin

0.94%

Sun

Prairie

Area

School

District/WI,

Wisconsin,

GO

Unlimited

4.00

03/01/31

300,000

303,488

Total

Municipal

Bonds

24,107,889

(cost

$25,620,254)

Exchange

Traded

Funds

10.48%

Shares

JPMorgan

Ultra-Short

Municipal

Income

ETF

35,000

1,760,500

VanEck

Short

Muni

ETF

97,000

1,613,110

Total

Exchange

Traded

Funds

(cost

$3,506,196)

3,373,610

Portfolio

of

Investments

(unaudited)

6

See

notes

to

portfolios

of

investments.

September

30,

2022

Near-Term

Tax

Free

Fund

Investments,

at

value

85.38%

$

27,481,499

(cost

$29,126,450

)

Other

assets

and

liabilities,

net

14.62%

4,707,149

Net

Assets

100.00%

$

32,188,648

Portfolio

of

Investments

(unaudited)

7

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Luxury

Goods

Fund

Common

Stocks

86.30%

Shares

Value

Apparel

Manufacturers

16.71%

Burberry

Group

PLC

31,400

$

627,231

Christian

Dior

SE

3,875

2,233,335

Hermes

International

1,942

2,284,026

Kering

SA,

ADR

9,200

406,272

Ralph

Lauren

Corp.

8,500

721,905

6,272,769

Automotive

-

Cars

&

Light

Trucks

20.86%

Bayerische

Motoren

Werke

AG

20,200

1,369,107

Ferrari

NV

2,029

375,365

Mercedes-Benz

Group

AG,

ADR

143,714

1,809,359

NIO,

Inc.,

ADR 

*

26,000

410,020

Tesla,

Inc. 

*

8,955

2,375,314

Volkswagen

AG

9,150

1,491,170

7,830,335

Beverages

-

Wine/Spirits

5.30%

Pernod

Ricard

SA

8,820

1,618,066

Remy

Cointreau

SA

2,250

373,384

1,991,450

Cosmetics

&

Toiletries

4.57%

Coty,

Inc.,

Class A 

*

117,000

739,440

L'Occitane

International

SA

130,000

391,915

Natura

&

Co.

Holding

SA,

ADR

107,000

584,220

1,715,575

Cruise

Lines

2.67%

Royal

Caribbean

Cruises,

Ltd. 

*

26,500

1,004,350

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp. 

#*@

100,000

0

Fiduciary

Banks

1.50%

Northern

Trust

Corp.

6,600

564,696

Finance

-

Investment

Banker/Broker

1.81%

Lazard,

Ltd.,

Class A

21,300

677,979

Finance

-

Mortgage

Loan/Banker

0.01%

Lendified

Holdings,

Inc. 

*

1,116,560

4,042

Gold

Mining

1.63%

Aris

Mining

Corp.

76,000

204,119

Dundee

Precious

Metals,

Inc.

40,000

177,797

Royal

Gold,

Inc.

1,600

150,112

Torex

Gold

Resources,

Inc. 

*

11,000

79,394

611,422

Portfolio

of

Investments

(unaudited)

8

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Home

Furnishings

1.72%

Tempur

Sealy

International,

Inc.

26,700

$

644,538

Hotels

&

Motels

7.15%

Hilton

Worldwide

Holdings,

Inc.

9,700

1,170,014

Marriott

International,

Inc.,

Class A

10,800

1,513,512

2,683,526

Mining

Services

0.52%

Franco-Nevada

Corp.

1,650

197,142

Oil

Companies

-

Exploration

&

Production

0.08%

NG

Energy

International

Corp.,

144A 

#*∆

50,000

28,957

Photo

Equipment

&

Supplies

0.91%

Nikon

Corp.

36,000

341,173

Precious

Metals

0.60%

Wheaton

Precious

Metals

Corp.

7,000

226,520

Real

Estate

Operating/Development

0.00%

Infrastructure

Ventures,

Inc. 

#*@+

426,533

0

Resorts/Theme

Parks

1.81%

Vail

Resorts,

Inc.

3,150

679,266

Retail

-

Apparel/Shoe

10.46%

Brunello

Cucinelli

SpA

15,500

749,598

HUGO

BOSS

AG

14,500

675,132

Industria

de

Diseno

Textil

SA

86,500

1,785,069

Moncler

SpA

9,000

367,421

Zalando

SE 

*

18,000

351,593

3,928,813

Retail

-

Jewelry

3.02%

Cie

Financiere

Richemont

SA

12,000

1,132,745

Textile

-

Apparel

4.97%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

15,887

1,866,722

Total

Common

Stocks

32,402,020

(cost

$36,538,363)

Portfolio

of

Investments

(unaudited)

9

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Luxury

Goods

Fund

Corporate

Non-Convertible

Bond

2.13%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

2.13%

Aris

Gold

Corp.

7.50

08/26/27

$

812,576

$

800,388

(cost

$812,498)

Warrants

0.04%

Exercise

Price

Exp.

Date

Shares

Enterprise

Software/Services

0.03%

Abaxx

Technologies,

Inc. 

*

$

5.10

05/14/23

34,062

9,124

Retail

-

Jewelry

0.01%

Cie

Financiere

Richemont

SA 

*

67.00

11/22/23

9,200

4,102

Total

Warrants

13,226

(cost

$0

)

Investments,

at

value

88.47%

33,215,634

(cost

$37,350,861

)

Other

assets

and

liabilities,

net

11.53%

4,330,471

Net

Assets

100.00%

$

37,546,105

Portfolio

of

Investments

(unaudited)

10

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Resources

Fund

Common

Stocks

80.89%

Shares

Value

Advanced

Materials/Production

3.31%

Nano

One

Materials

Corp. 

*

275,000

$

537,518

NanoXplore

,

Inc. 

*

550,000

1,278,097

1,815,615

Agricultural

Chemicals

2.01%

CF

Industries

Holdings,

Inc.

4,000

385,000

Nutrien

,

Ltd.

4,000

333,587

The

Mosaic

Co.

8,000

386,640

1,105,227

Agricultural

Operations

1.05%

Wide

Open

Agriculture,

Ltd. 

*

2,000,000

575,246

Building

&

Construction

Products

-

Miscellaneous

0.47%

Louisiana-Pacific

Corp.

5,000

255,950

Building

Products

-

Wood

0.48%

Interfor

Corp. 

*

15,000

262,569

Chemicals

-

Diversified

0.04%

Base

Carbon,

Inc. 

*

71,429

23,269

Coal

0.00%

Caribbean

Resources

Corp. 

#*@~

17

0

Walter

Energy,

Inc.,

144A 

#*@∆

4,293

0

0

Diamonds/Precious

Stones

1.42%

Barksdale

Resources

Corp. 

*

1,300,000

658,776

Lucara

Diamond

Corp. 

*

300,000

119,448

778,224

Distribution/Wholesale

0.30%

Fox

River

Resources

Corp. 

*

1,000,000

162,884

Diversified

Minerals

7.85%

Arianne

Phosphate,

Inc. 

*

1,000,000

285,952

Bradda

Head

Lithium,

Ltd. 

*

2,000,000

196,234

E3

Lithium,

Ltd. 

*

400,000

657,328

Firefinch

,

Ltd. 

#*@

1,000,000

127,930

First

Helium,

Inc. 

*

500,000

106,780

Ion

Energy,

Ltd. 

*

225,000

30,134

Ivanhoe

Electric,

Inc./US 

*

10,000

82,500

Leo

Lithium,

Ltd. 

*

822,649

287,722

Lithium

Americas

Corp. 

*

15,000

393,637

Lithium

Ionic

Corp. 

*

300,000

306,222

Morella

Corp.,

Ltd. 

*

13,333,334

173,465

MP

Materials

Corp. 

*

7,500

204,750

Portfolio

of

Investments

(unaudited)

11

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Diversified

Minerals

(cont’d)

Nio

Strategic

Metals,

Inc. 

*

3,325,000

$

138,406

Nio

Strategic

Metals,

Inc.,

144A 

#∆

362,069

15,071

Northern

Graphite

Corp. 

*

675,000

244,326

Piedmont

Lithium,

Inc. 

*

10,000

534,900

Salazar

Resources,

Ltd. 

*

3,000,000

282,333

VR

Resources,

Ltd. 

*

1,000,000

97,730

Wolfden

Resources

Corp. 

*

1,000,000

141,166

4,306,586

Energy

-

Alternate

Sources

0.97%

Canadian

Solar,

Inc. 

*

10,000

372,500

Pacific

Green

Energy

Corp. 

#*@~

2,400,000

0

Zinc8

Energy

Solutions,

Inc. 

*

1,000,000

159,264

531,764

Enterprise

Software/Services

3.43%

Abaxx

Technologies,

Inc. 

*

1,000,000

1,556,449

Base

Carbon,

Inc. 

*

1,000,000

325,768

1,882,217

Food

-

Miscellaneous/Diversified

0.46%

Burcon

NutraScience

Corp. 

*

750,000

252,470

Food

-

Wholesale/Distribution

0.06%

Organto

Foods,

Inc. 

*

500,000

34,387

Forestry

0.53%

West

Fraser

Timber

Co.,

Ltd.

4,000

289,369

Gold

Mining

4.35%

Arena

Minerals,

Inc. 

*

500,000

157,455

Corona

Minerals,

Ltd. 

#*@

5,000

0

EnviroGold

Global,

Ltd.,

144A 

#*∆

75,000

10,723

Ionic

Rare

Earths,

Ltd. 

*

7,500,000

204,853

OceanaGold

Corp. 

*

325,000

529,373

Royal

Road

Minerals,

Ltd. 

*

5,500,000

637,058

Sandstorm

Gold,

Ltd.

73,673

381,339

Sandstorm

Gold,

Ltd.

47,000

242,990

Silver

Tiger

Metals,

Inc. 

*

750,000

130,307

Western

Atlas

Resources,

Inc. 

*

3,000,000

92,301

2,386,399

Industrial

Gases

0.98%

Linde

PLC

2,000

539,180

Machinery

-

Electric

Utilities

1.09%

Bloom

Energy

Corp.,

Class A 

*

30,000

599,700

Portfolio

of

Investments

(unaudited)

12

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Copper

1.30%

Arizona

Sonoran

Copper

Co.,

Inc. 

*

400,000

$

489,376

Excelsior

Mining

Corp. 

*

150,000

16,289

Kutcho

Copper

Corp. 

*

850,000

150,758

Surge

Copper

Corp. 

*

500,000

54,295

710,718

Metal

-

Diversified

16.91%

Aston

Minerals,

Ltd. 

*

1,724,138

93,139

Bell

Copper

Corp. 

*

1,000,000

119,448

Centaurus

Metals,

Ltd. 

*

1,500,000

946,199

Chakana

Copper

Corp. 

*

483,494

21,001

Churchill

Resources,

Inc. 

*

599,587

60,768

Electra

Battery

Materials

Corp. 

*

83,333

231,056

Electra

Battery

Materials

Corp.,

144A 

#∆

55,555

154,035

Filo

Mining

Corp. 

*

325,000

3,903,247

Flying

Nickel

Mining

Corp. 

*

300,000

35,834

Galway

Metals,

Inc. 

*

500,000

101,350

GoviEx

Uranium,

Inc.,

144A 

#*∆

58,000

9,657

Ivanhoe

Mines,

Ltd. 

*

450,000

2,896,080

Luminex

Res

Corp. 

*

120,615

19,210

Lynas

Rare

Earths,

Ltd. 

*

45,000

217,009

Nubian

Resources,

Ltd. 

*

250,000

17,193

Orsu

Metals

Corp.,

144A 

#*@∆

14,761

1,015

Silver

X

Mining

Corp. 

*

355,000

56,539

Sovereign

Metals,

Ltd. 

*

600,000

141,586

TMC

the

metals

co,

Inc. 

*

100,000

105,000

Vox

Royalty

Corp. 

*

70,000

148,478

9,277,844

Metal

-

Iron

0.00%

Consolidated

Growth

Holdings,

Ltd. 

#*@

19,859,173

0

WAI

Capital

Investments

Corp.,

144A 

#*@∆

292,500

0

0

Mining

Services

1.14%

Cordoba

Minerals

Corp. 

*

58,823

20,227

Defense

Metals

Corp. 

*

1,500,000

255,185

Talon

Metals

Corp. 

*

1,000,000

349,296

624,708

Natural

Resource

Technology

0.22%

I-Pulse,

Inc.,

144A 

#*@+∆

15,971

120,741

Non-Ferrous

Metals

3.11%

Encore

Energy

Corp. 

*

175,000

452,275

Energy

Fuels,

Inc./Canada 

*

80,000

489,600

Euro

Manganese,

Inc. 

*

37,864

6,784

Portfolio

of

Investments

(unaudited)

13

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Non-Ferrous

Metals

(cont’d)

InZinc

Mining,

Ltd. 

*

2,000,000

$

54,295

NorZinc

,

Ltd. 

*

5,000,000

126,688

Nova

Royalty

Corp. 

*

500,000

579,143

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

1,708,785

Oil

-

Field

Services

2.14%

Halliburton

Co.

20,000

492,400

Liberty

Energy,

Inc. 

*

20,000

253,600

Schlumberger

NV

12,000

430,800

1,176,800

Oil

-

US

Royalty

Trusts

8.92%

Black

Stone

Minerals

LP

70,000

1,095,500

Deterra

Royalties,

Ltd.

125,000

321,245

Kimbell

Royalty

Partners

LP

55,000

933,900

PrairieSky

Royalty,

Ltd.

15,000

193,398

Sabine

Royalty

Trust

25,000

1,777,000

Viper

Energy

Partners

LP

20,000

573,200

4,894,243

Oil

Companies

-

Exploration

&

Production

8.33%

ConocoPhillips

10,000

1,023,400

Freehold

Royalties,

Ltd.

45,000

468,455

New

Stratus

Energy,

Inc. 

*

1,600,000

984,544

NG

Energy

International

Corp.,

144A 

#*∆

200,000

115,829

Occidental

Petroleum

Corp.

20,000

1,229,000

Range

Resources

Corp.

20,000

505,200

Source

Rock

Royalties,

Ltd.

500,000

242,516

4,568,944

Oil

Companies

-

Integrated

1.51%

Equinor

ASA,

ADR

25,000

827,750

Oil

Refining

&

Marketing

2.42%

Phillips

66

6,500

524,680

Valero

Energy

Corp.

7,500

801,375

1,326,055

Pipelines

2.27%

Cheniere

Energy,

Inc.

7,500

1,244,325

Platinum

0.19%

Clean

Air

Metals,

Inc. 

*

1,000,000

104,970

Portfolio

of

Investments

(unaudited)

14

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

0.72%

Brixton

Metals

Corp. 

*

2,000,000

$

282,332

Polarx

,

Ltd. 

*

18,000,000

114,665

396,997

Real

Estate

Operating/Development

0.82%

Infrastructure

Ventures,

Inc. 

#*@+

7,443,544

0

Revival

Gold,

Inc. 

*

1,000,000

448,836

448,836

REITS

-

Diversified

1.57%

PotlatchDeltic

Corp.

REIT

10,000

410,400

Rayonier,

Inc.

REIT

15,000

449,550

859,950

Retail

-

Jewelry

0.52%

Mene

,

Inc. 

*

750,000

287,762

Total

Common

Stocks

44,380,484

(cost

$90,695,479)

Preferred

Stock

0.99%

Rate

Chemicals

-

Specialty

0.99%

5E

Advanced

Materials,

Inc. 

*

0.00

%

425,000

544,525

(cost

$646,157)

Corporate

Convertible

Bond

0.41%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Natural

Resource

Technology

0.41%

Contango

Holdings

PLC 

#@

0.00

11/30/22

$

200,000

223,310

(cost

$233,130)

Corporate

Non-Convertible

Bonds

2.78%

Gold

Mining

1.79%

Aris

Gold

Corp.

7.50

08/26/27

998,309

983,334

Oil

Companies

-

Exploration

&

Production

0.99%

NG

Energy

International

Corp. 

#@

8.00

04/30/27

750,000

542,947

Total

Corporate

Non-Convertible

Bonds

1,526,281

(cost

$1,585,417)

Portfolio

of

Investments

(unaudited)

15

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Resources

Fund

Warrants

0.63%

Exercise

Price

Exp.

Date

Shares

Value

Advanced

Materials/Production

0.00%

Nano

One

Materials

Corp.,

144A 

#*@∆

$

3.55

10/29/22

90,000

$

0

Diversified

Minerals

0.00%

First

Helium,

Inc.,

144A 

#*@∆

0.50

07/12/23

925,000

0

Ion

Energy,

Ltd.,

144A 

#*@∆

0.70

04/13/24

225,000

0

Nio

Strategic

Metals,

Inc.,

144A 

#*@∆

0.12

10/15/23

1,662,500

0

0

Enterprise

Software/Services

0.01%

Abaxx

Technologies,

Inc. 

*

5.10

05/14/23

20,437

5,474

Mining

Services

0.10%

Aris

Mining

Corp. 

*

2.75

07/29/25

370,889

57,727

Non-Ferrous

Metals

0.00%

Flying

Nickle

Mining

Corp.,

144A 

#*@∆

1.00

11/29/23

150,000

0

Norzinc

,

Ltd.,

144A 

#*@∆

0.09

08/06/23

2,500,000

0

0

Oil

Companies

-

Exploration

&

Production

0.52%

NG

Energy

International

Corp. 

*

1.40

05/20/27

300,000

48,865

Source

Rock

Royalties,

Ltd. 

*

1.25

03/01/24

1,250,000

235,277

284,142

Total

Warrants

347,343

(cost

$94,581

)

Call

Options

Purchased

0.07%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.03%

Barrick

Gold

Corp.

$

25.00

01/23

$

2,755,000

1,102

11,020

Barrick

Gold

Corp.

18.00

01/23

43,200

24

1,512

Newmont

Corp.

82.50

01/23

3,465,000

420

2,730

15,262

Portfolio

of

Investments

(unaudited)

16

See

notes

to

portfolios

of

investments.

September

30,

2022

Global

Resources

Fund

Call

Options

Purchased (cont’d)

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Precious

Metals

0.04%

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

$

50.00

01/23

$

375,000

75

$

5,063

Hecla

Mining

Co.

5.00

01/23

315,000

630

19,530

24,593

Total

Purchased

Call

Options

39,855

(premiums

paid

$656,716

)

Investments,

at

value

85.77%

47,061,798

(cost

$93,911,480

)

Other

assets

and

liabilities,

net

14.23%

7,807,144

Net

Assets

100.00%

$

54,868,942

Portfolio

of

Investments

(unaudited)

17

See

notes

to

portfolios

of

investments.

September

30,

2022

World

Precious

Minerals

Fund

Common

Stocks

93.71%

Shares

Value

Advanced

Materials/Production

10.72%

Nano

One

Materials

Corp. 

*

2,848,900

$

5,568,487

Chemicals

-

Diversified

0.00%

Base

Carbon,

Inc. 

*

574

187

Coal

0.00%

Caribbean

Resources

Corp. 

#*@

4

0

Diamonds/Precious

Stones

3.00%

Barksdale

Resources

Corp. 

*

3,000,000

1,520,252

Northern

Superior

Resources,

Inc.,

144A 

#*∆

134,415

36,977

1,557,229

Diversified

Minerals

5.05%

Ascot

Resources,

Ltd.,

144A 

#*∆

6,412

1,810

Chesser

Resources,

Ltd. 

*

2,650,000

133,397

Desert

Gold

Ventures,

Inc. 

*

750,000

43,436

E79

Resources

Corp. 

*

2,000,000

275,093

Erdene

Resource

Development

Corp. 

*

300,000

62,982

Gossan

Resources,

Ltd. 

*

1,250,000

61,082

Indochine

Mining,

Ltd. 

#*@

10,000

0

Kenorland

Minerals,

Ltd. 

*

250,000

126,688

Kootenay

Resources,

Inc. 

#*@

40,000

2,896

Lithoquest

Resources,

Inc. 

*

2,150,000

101,169

Max

Resource

Corp. 

*

2,050,000

489,738

Minaurum

Gold,

Inc. 

*

1,000,000

152,025

Musgrave

Minerals,

Ltd. 

*

1,500,000

244,095

NGEX

Minerals,

Ltd. 

*

100,000

141,890

Northern

Graphite

Corp. 

*

1,000,000

361,965

St.

Anthony

Gold

Corp. 

*

1,092,105

31,624

St.

Anthony

Gold

Corp.,

144A 

#∆

875,000

25,338

VR

Resources,

Ltd. 

*

1,500,000

146,596

Waraba

Gold,

Ltd. 

#*

2,155,000

171,607

Waraba

Gold,

Ltd.,

144A 

#∆

655,000

52,159

2,625,590

Enterprise

Software/Services

0.02%

Abaxx

Technologies,

Inc. 

*

8,039

12,512

Financial

Services

0.00%

Tokens.com

Corp.,

144A 

#*∆

11,123

1,812

Gold

Mineral

Exploration

&

Development

0.37%

Western

Exploration,

Inc. 

*

240,000

191,117

Portfolio

of

Investments

(unaudited)

18

See

notes

to

portfolios

of

investments.

September

30,

2022

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

36.29%

Adamera

Minerals

Corp. 

*

5,373,000

$

194,484

Adamera

Minerals

Corp.,

144A 

#∆

119,543

4,327

Alamos

Gold,

Inc.

80,000

592,800

Allegiant

Gold,

Ltd. 

*

750,000

100,445

Alpha

Exploration,

Ltd. 

*

350,000

131,755

Amilot

Capital,

Inc.,

144A 

#*∆

410,000

7,420

Angold

Resources,

Ltd. 

*

500,000

27,147

Angus

Gold,

Inc. 

*

250,000

135,737

Aris

Mining

Corp.

212,500

570,728

Asante

Gold

Corp. 

*

750,000

640,678

Awale

Resources,

Ltd. 

*

1,250,000

113,114

Bellevue

Gold,

Ltd. 

*

575,000

273,293

Black

Cat

Syndicate,

Ltd. 

*

2,000,000

416,970

Black

Dragon

Gold

Corp. 

*

2,500,000

58,101

Cabral

Gold,

Inc. 

*

500,000

90,491

Cassiar

Gold

Corp. 

*

198,000

75,969

Centamin

PLC

575,000

576,834

Compass

Gold

Corp. 

*

2,000,000

112,209

Contact

Gold

Corp. 

*

5,000,000

126,688

CopperBank

Resources

Corp.,

144A 

#*∆

43,500

11,967

Corona

Minerals,

Ltd. 

#*@

81,250

0

Felix

Gold,

Ltd. 

*

1,500,000

131,935

Freegold

Ventures,

Ltd. 

*

200,000

64,430

G2

Goldfields,

Inc. 

*

500,000

209,940

Gold

Bull

Resources

Corp. 

*

1,000,000

28,957

Goldshore

Resources,

Inc. 

*

600,000

84,700

Heliostar

Metals,

Ltd. 

*

1,200,000

243,240

HighGold

Mining,

Inc. 

*

375,000

181,887

K92

Mining,

Inc. 

*

800,000

4,575,234

Karus

Gold

Corp. 

#*@

375,000

95,016

Kesselrun

Resources,

Ltd. 

*~

5,000,000

108,589

Kore

Mining,

Ltd. 

*

250,000

19,908

Lion

One

Metals,

Ltd. 

*

500,000

278,713

Loncor

Gold,

Inc. 

*

2,250,000

488,652

Maple

Gold

Mines,

Ltd. 

*

1,000,000

115,829

Mawson

Gold,

Ltd. 

*

625,000

61,082

McEwen

Mining,

Inc. 

*

13,476

44,194

Moneta

Gold,

Inc. 

*

100,000

114,381

Montage

Gold

Corp. 

*

250,000

95,921

North

Stawell

Minerals,

Ltd. 

*

447,629

38,870

NV

Gold

Corp. 

*

1,000,000

52,485

Omai

Gold

Mines

Corp. 

*

3,000,000

130,307

Petaquilla

Minerals,

Ltd.,

144A 

#*@∆

2,660,000

0

Radisson

Mining

Resources,

Inc. 

*

7,100,000

436,891

Radius

Gold,

Inc.,

144A 

#*∆

125,000

18,098

Red

Pine

Exploration,

Inc. 

*

500,000

83,252

Reunion

Gold

Corp. 

*

4,000,000

1,143,809

Portfolio

of

Investments

(unaudited)

19

See

notes

to

portfolios

of

investments.

September

30,

2022

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Roscan

Gold

Corp. 

*

1,500,000

$

198,176

Royal

Road

Minerals,

Ltd. 

*

1,500,000

173,743

Sandstorm

Gold,

Ltd.

60,500

313,154

Sanu

Gold

Corp. 

*

185,000

37,500

Sanu

Gold

Corp.,

144A 

#∆

700,000

141,890

Scottie

Resources

Corp. 

*

1,750,000

215,369

Seafield

Resources,

Ltd.,

144A 

#*@∆

1,300,000

0

Signature

Resources,

Ltd. 

*

2,000,000

21,718

Silver

Tiger

Metals,

Inc. 

*

1,000,000

173,743

Skeena

Resources,

Ltd. 

*

100,000

467,658

Southern

Gold,

Ltd. 

*

10,000,000

202,711

Strikepoint

Gold,

Inc. 

*

2,750,000

169,218

Taurus

Gold,

Ltd.,

144A 

#*@∆

2,448,381

0

Thesis

Gold,

Inc. 

*

1,000,000

709,451

Trillium

Gold

Mines,

Inc. 

*

250,000

42,531

TriStar

Gold,

Inc. 

*~

28,750,000

2,601,622

Westhaven

Gold

Corp. 

*

1,000,000

282,332

18,858,293

Metal

-

Copper

0.86%

Arizona

Sonoran

Copper

Co.,

Inc. 

*

100,000

122,344

Meridian

Mining

UK

Societas

*

500,000

170,123

Sun

Summit

Minerals

Corp. 

*

1,250,000

149,311

Vizsla

Copper

Corp. 

*

116,666

6,757

448,535

Metal

-

Diversified

8.43%

Amex

Exploration,

Inc. 

*

500,000

618,960

Argent

Minerals,

Ltd. 

*

20,000,000

241,570

Aurion

Resources,

Ltd. 

*

750,000

255,185

Auteco

Minerals,

Ltd. 

*

12,500,000

338,087

Blackwolf

Copper

and

Gold,

Ltd. 

*

1,000,000

217,179

Cartier

Resources,

Inc. 

*

750,000

46,150

Chakana

Copper

Corp. 

*

1,416,506

61,527

De

Grey

Mining,

Ltd. 

*

250,000

165,184

Ivanhoe

Mines,

Ltd. 

*

300,000

1,930,720

Kaizen

Discovery,

Inc. 

*

800,000

75,289

Luminex

Res

Corp. 

*

150,000

23,890

New

Age

Metals,

Inc.,

144A 

#*∆

143,518

7,013

Nubian

Resources,

Ltd. 

*

500,000

34,387

Orex

Minerals,

Inc. 

*

7,000,000

202,700

Orsu

Metals

Corp.,

144A 

#*@∆

186,922

12,855

Rockcliff

Metals

Corp.,

144A 

#*∆

873,333

17,386

RTG

Mining,

Inc. 

*

3,000,000

91,943

Sirios

Resources,

Inc. 

*

1,000,000

39,816

4,379,841

Portfolio

of

Investments

(unaudited)

20

See

notes

to

portfolios

of

investments.

September

30,

2022

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Iron

0.00%

Vector

Resources,

Ltd. 

#*@

10,000,000

$

0

Mining

Services

0.66%

Cordoba

Minerals

Corp. 

*

58,823

20,227

Orexplore

Technologies,

Ltd. 

*

267,284

12,062

Summa

Silver

Corp. 

*

800,000

312,738

345,027

Non-Ferrous

Metals

0.61%

InZinc

Mining,

Ltd. 

*

2,000,000

54,295

ValOre

Metals

Corp. 

*

1,000,000

260,614

314,909

Oil

Companies

-

Exploration

&

Production

0.00%

Big

Sky

Energy

Corp. 

#*@

2,000,000

0

Oil

Field

Machinery

&

Equipment

0.27%

Imdex

,

Ltd.

125,000

141,784

Optical

Recognition

Equipment

0.00%

Nexoptic

Technology

Corp.,

144A 

#*∆

12,083

831

Platinum

0.75%

Clean

Air

Metals,

Inc. 

*

2,200,000

230,934

Platinum

Group

Metals,

Ltd. 

*

100,000

160,712

391,646

Precious

Metals

18.77%

Amani

Gold,

Ltd. 

*

54,500,000

52,291

Arizona

Metals

Corp. 

*

1,000,000

3,083,940

Barsele

Minerals

Corp. 

*~

7,500,000

1,981,757

Brixton

Metals

Corp. 

*

3,000,000

423,499

Canex

Metals,

Inc. 

*

3,250,000

205,868

Capitan

Mining,

Inc. 

*

750,000

108,589

Denarius

Metals

Corp. 

*

750,000

81,442

Dolly

Varden

Silver

Corp. 

*

3,550,000

1,117,928

E2

Metals,

Ltd. 

*

1,000,000

88,149

GFG

Resources,

Inc. 

*

5,000,000

380,063

Gold

Terra

Resource

Corp. 

*

2,500,000

271,474

Gold79

Mines,

Ltd. 

*

5,250,000

76,013

Imperial

Mining

Group,

Ltd. 

*

500,000

27,147

Integra

Resources

Corp. 

*

225,000

119,452

MacDonald

Mines

Exploration,

Ltd. 

*

3,000,000

21,718

Magna

Gold

Corp. 

*

1,500,000

200,890

Millennial

Precious

Metals

Corp. 

*

1,000,000

191,841

Olive

Resource

Capital,

Inc. 

*

4,000,000

79,632

Paramount

Gold

Nevada

Corp. 

*

170,000

52,360

Portfolio

of

Investments

(unaudited)

21

See

notes

to

portfolios

of

investments.

September

30,

2022

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

(cont’d)

Polarx

,

Ltd. 

*

36,463,888

$

232,285

Silver

Viper

Minerals

Corp. 

*

2,500,000

434,358

Stillwater

Critical

Minerals

Corp. 

*

2,000,000

275,093

Visionary

Gold

Corp. 

*

1,500,000

59,724

Xali

Gold

Corp.,

144A 

#*∆

4,875,000

185,281

9,750,794

Real

Estate

Operating/Development

1.76%

Fremont

Gold,

Ltd. 

*

400,000

33,301

Mammoth

Resources

Corp. 

*~

5,500,000

69,678

Revival

Gold,

Inc. 

*

1,750,000

785,464

TDG

Gold

Corp. 

*

270,000

25,410

913,853

Retail

-

Jewelry

1.55%

Mene

,

Inc. 

*

2,100,000

805,734

Silver

Mining

4.60%

Aya

Gold

&

Silver,

Inc. 

*

100,000

579,867

FireFox

Gold

Corp. 

*

500,000

43,436

Kootenay

Silver,

Inc. 

*

1,000,000

83,252

Metallic

Minerals

Corp. 

*

1,000,000

231,657

Reyna

Silver

Corp. 

*

360,000

84,700

Southern

Silver

Exploration

Corp. 

*

1,750,000

221,703

Vizsla

Silver

Corp. 

*

1,000,000

1,143,809

2,388,424

Total

Common

Stocks

48,696,605

(cost

$90,727,673)

Corporate

Non-Convertible

Bond

1.94%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.94%

Aris

Gold

Corp.

7.50

08/26/27

$

1,021,525

1,006,203

(cost

$1,021,525)

Warrants

0.16%

Exercise

Price

Exp.

Date

Shares

Diversified

Minerals

0.00%

Desert

Gold

Ventures,

Inc.,

144A 

#*@∆

$

0.40

08/28/23

187,500

0

Kesselrun

Resources,

Ltd.,

144A 

#*@~∆

0.23

12/08/23

1,250,000

0

Minaurum

Gold,

Inc.,

144A 

#*@∆

0.60

07/09/23

500,000

0

Nomad

Royalty

Co.,

Ltd. 

*

1.71

11/19/22

304,000

0

0

Portfolio

of

Investments

(unaudited)

22

See

notes

to

portfolios

of

investments.

September

30,

2022

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Gold

Mineral

Exploration

&

Development

0.00%

Western

Exploration

&

Development,

Ltd.,

144A 

#*@∆

$

0.50

12/31/49

600,000

$

0

Western

Exploration,

Inc.,

144A 

#*@∆

0.50

12/31/49

240,000

0

0

Gold

Mining

0.00%

Cassiar

Gold

Corp.,

144A 

#*@∆

1.05

06/08/24

99,000

0

Gold

Mountain

Mining

Corp.,

144A 

#*@∆

1.75

04/21/24

50,000

0

Kore

Mining,

Ltd.,

144A 

#*@∆

1.35

06/18/23

250,000

0

Southern

Gold,

Ltd.,

144A 

#*@∆

0.18

10/18/22

2,250,000

0

0

Metal

-

Copper

0.00%

Sun

Summit

Minerals

Corp.,

144A 

#*@∆

0.90

07/31/23

125,000

0

Metal

-

Diversified

0.00%

Novo

Resources

Corp. 

*

4.40

08/27/23

112,500

2,443

Metals

&

Mining

0.00%

St.

Anthony

Gold

Corp.,

144A 

#*@∆

0.10

06/04/24

875,000

0

Mining

Services

0.16%

Aris

Mining

Corp. 

*

2.75

07/29/25

520,000

80,936

Non-Ferrous

Metals

0.00%

ValOre

Metals

Corp.,

144A 

#*@∆

0.45

02/17/23

500,000

0

Silver

Mining

0.00%

FireFox

Gold

Corp.,

144A 

#*@∆

0.27

10/27/22

125,000

0

Southern

Silver

Exploration

Corp.,

144A 

#*@∆

0.25

08/14/23

875,000

0

0

Total

Warrants

83,379

(cost

$362,611

)

Call

Options

Purchased

0.09%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.04%

Barrick

Gold

Corp.

$

25.00

01/23

$

3,937,500

1,575

15,750

Barrick

Gold

Corp.

18.00

01/23

63,000

35

2,205

Newmont

Corp.

82.50

01/23

4,331,250

525

3,412

21,367

Portfolio

of

Investments

(unaudited)

23

See

notes

to

portfolios

of

investments.

September

30,

2022

World

Precious

Minerals

Fund

Call

Options

Purchased (cont’d)

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Precious

Metals

0.05%

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

$

50.00

01/23

$

375,000

75

$

5,063

Hecla

Mining

Co.

5.00

01/23

341,000

682

21,142

26,205

Total

Purchased

Call

Options

47,572

(premiums

paid

$842,380

)

Investments,

at

value

95.90%

49,833,759

(cost

$92,954,189

)

Other

assets

and

liabilities,

net

4.10%

2,128,300

Net

Assets

100.00%

$

51,962,059

Portfolio

of

Investments

(unaudited)

24

See

notes

to

portfolios

of

investments.

September

30,

2022

Gold

and

Precious

Metals

Fund

Common

Stocks

89.74%

Shares

Value

Applications

Software

0.49%

Chrysos

Corp.,

Ltd. 

*

250,000

$

486,865

Chemicals

-

Diversified

0.00%

Base

Carbon,

Inc. 

*

7,786

2,536

Diamonds/Precious

Stones

0.28%

Lucara

Diamond

Corp. 

*

700,000

278,713

Diversified

Minerals

3.25%

Alkane

Resources,

Ltd. 

*

1,000,000

434,823

Caledonia

Mining

Corp.

PLC

25,000

245,500

Firefinch

,

Ltd. 

#*@

5,000,000

639,650

Leo

Lithium,

Ltd. 

*

4,114,694

1,439,118

Mako

Mining

Corp. 

*

3,500,000

494,082

3,253,173

Enterprise

Software/Services

0.17%

Abaxx

Technologies,

Inc. 

*

109,000

169,653

Gold

Mining

51.57%

Agnico

Eagle

Mines,

Ltd.

35,000

1,478,050

Alamos

Gold,

Inc.

440,000

3,260,400

AngloGold

Ashanti,

Ltd.,

ADR

35,000

483,700

Argonaut

Gold,

Inc. 

*

1,175,000

357,259

Aris

Mining

Corp.

500,000

1,342,889

B2Gold

Corp.

300,000

966,000

Black

Cat

Syndicate,

Ltd. 

*

4,393,940

916,070

Bonterra

Resources,

Inc. 

*

300,000

108,590

Centamin

PLC

3,275,000

3,285,444

Eldorado

Gold

Corp. 

*

125,000

753,750

GoGold

Resources,

Inc. 

*

1,200,000

1,372,570

Gold

Resource

Corp.

1,000,000

1,650,000

Harmony

Gold

Mining

Co.,

Ltd.,

ADR

500,000

1,215,000

i-80

Gold

Corp. 

*

1,000,000

1,766,388

IAMGOLD

Corp. 

*

400,000

428,000

K92

Mining,

Inc. 

*

2,000,000

11,438,086

Maverix

Metals,

Inc.

600,000

1,993,702

Mineros

SA

3,389,500

2,625,522

Newmont

Corp.

25,000

1,050,750

Northern

Star

Resources,

Ltd.

100,000

500,729

OceanaGold

Corp. 

*

1,175,000

1,913,889

Pantoro

,

Ltd. 

*

9,000,000

933,410

Petropavlovsk

PLC 

#*@

4,886,855

0

Royal

Gold,

Inc.

22,500

2,110,950

Sandstorm

Gold,

Ltd.

364,225

1,885,264

Sandstorm

Gold,

Ltd.

140,000

723,800

Signal

Gold,

Inc. 

*

2,000,000

564,665

Portfolio

of

Investments

(unaudited)

25

See

notes

to

portfolios

of

investments.

September

30,

2022

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Silver

Lake

Resources,

Ltd. 

*

1,000,000

$

749,729

Superior

Gold,

Inc. 

*

3,500,000

962,826

Torex

Gold

Resources,

Inc. 

*

115,000

830,021

Wesdome

Gold

Mines,

Ltd. 

*

250,000

1,690,375

Yamana

Gold,

Inc.

490,000

2,219,700

51,577,528

Metal

-

Diversified

7.33%

Aclara

Resources,

Inc. 

*

137,400

31,830

Filo

Mining

Corp. 

*

40,000

480,399

Ivanhoe

Mines,

Ltd. 

*

350,000

2,252,507

Mandalay

Resources

Corp. 

*

250,000

316,719

Silver

X

Mining

Corp. 

*~

8,000,000

1,274,116

Vox

Royalty

Corp. 

*

1,400,000

2,969,559

7,325,130

Mining

Services

2.60%

Capital,

Ltd.

575,000

531,951

Empress

Royalty

Corp. 

*

2,000,000

333,008

Franco-Nevada

Corp.

5,000

597,400

Orexplore

Technologies,

Ltd. 

*

1,007,351

45,462

Star

Royalties,

Ltd. 

*

3,500,000

1,089,514

2,597,335

Oil

&

Gas

Drilling

2.38%

DDH1,

Ltd.

5,000,000

2,380,572

Oil

Field

Machinery

&

Equipment

0.82%

Imdex

,

Ltd.

725,000

822,349

Platinum

4.00%

Impala

Platinum

Holdings,

Ltd.

200,000

1,859,524

Sibanye

Stillwater,

Ltd.,

ADR

230,000

2,143,600

4,003,124

Precious

Metals

5.46%

EMX

Royalty

Corp. 

*

1,250,000

2,352,771

Magna

Gold

Corp. 

*

1,040,000

139,284

Sailfish

Royalty

Corp.

310,000

206,464

SSR

Mining,

Inc.

100,000

1,471,000

Wheaton

Precious

Metals

Corp.

40,000

1,294,400

5,463,919

Real

Estate

Operating/Development

1.38%

Emerald

Resources

NL 

*

2,000,000

1,379,069

Portfolio

of

Investments

(unaudited)

26

See

notes

to

portfolios

of

investments.

September

30,

2022

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Jewelry

2.59%

Mene

,

Inc. 

*

1,025,000

$

393,275

Mene

,

Inc.,

144A 

#∆

5,714,285

2,192,472

2,585,747

Silver

Mining

7.42%

Aya

Gold

&

Silver,

Inc. 

*

1,000,000

5,798,675

Fortuna

Silver

Mines,

Inc. 

*

250,000

626,199

Santacruz

Silver

Mining,

Ltd. 

*

4,000,000

999,023

7,423,897

Total

Common

Stocks

89,749,610

(cost

$92,445,778)

Corporate

Non-Convertible

Bonds

3.91%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Coal

0.00%

Caribbean

Resources

Corp. 

#@^

19.25

06/15/15

$

485,766

0

Gold

Mining

3.91%

Aris

Gold

Corp.

7.50

08/26/27

3,970,881

3,911,318

Total

Corporate

Non-Convertible

Bonds

3,911,318

(cost

$4,456,621)

Warrants

0.22%

Exercise

Price

Exp.

Date

Shares

Enterprise

Software/Services

0.02%

Abaxx

Technologies,

Inc. 

*

$

5.10

05/14/23

54,500

14,598

Metal

-

Diversified

0.00%

Vox

Royalty

Corp.,

144A 

#*@∆

4.50

03/25/24

50,000

0

Portfolio

of

Investments

(unaudited)

27

See

notes

to

portfolios

of

investments.

September

30,

2022

Gold

and

Precious

Metals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Mining

Services

0.20%

Aris

Mining

Corp. 

*

$

2.75

07/29/25

1,274,000

$

198,291

Empress

Royalty

Corp. 

*

0.75

03/25/23

625,000

5,656

203,947

Total

Warrants

218,545

(cost

$0

)

Call

Options

Purchased

0.11%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.05%

Barrick

Gold

Corp.

$

25.00

01/23

$

7,217,500

2,887

28,870

Barrick

Gold

Corp.

18.00

01/23

127,800

71

4,473

Newmont

Corp.

82.50

01/23

21,656,250

2,625

17,062

50,405

Precious

Metals

0.06%

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

50.00

01/23

1,350,000

270

18,225

Hecla

Mining

Co.

5.00

01/23

643,000

1,286

39,866

58,091

Total

Purchased

Call

Options

108,496

(premiums

paid

$2,679,161

)

Investments,

at

value

93.98%

93,987,969

(cost

$99,581,560

)

Other

assets

and

liabilities,

net

6.02%

6,024,460

Net

Assets

100.00%

$

100,012,429

Portfolio

of

Investments

(unaudited)

28

See

notes

to

portfolios

of

investments.

September

30,

2022

Emerging

Europe

Fund

Common

Stocks

75.94%

Shares

Value

Airlines

2.11%

Turk

Hava

Yollari

AO 

*

53,500

$

203,138

Automotive

-

Cars

&

Light

Trucks

2.76%

Ford

Otomotiv

Sanayi

AS

11,400

200,823

Volkswagen

AG

400

65,188

266,011

Beverages

-

Non-alcoholic

0.27%

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

12,000

25,929

Cellular

Telecommunication

0.27%

Turkcell

Iletisim

Hizmetleri

AS

25,000

26,568

Chemicals

-

Fibers

1.22%

Aksa

Akrilik

Kimya

Sanayii

AS

38,000

117,209

Commercial

Banks

Non-US

17.28%

Akbank

TAS

40,000

24,330

Banca

Transilvania

SA

40,000

132,232

Bank

Handlowy

w

Warszawie

SA

8,500

92,910

Bank

Millennium

SA 

*

220,000

146,562

Bank

Polska

Kasa

Opieki

SA

12,500

151,811

Eurobank

Ergasias

Services

and

Holdings

SA 

*

220,000

183,637

National

Bank

of

Greece

SA 

*

65,000

191,382

OTP

Bank

Nyrt

15,300

279,119

Piraeus

Financial

Holdings

SA 

*

155,000

156,337

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

66,000

288,316

Yapi

ve

Kredi

Bankasi

AS

50,000

19,059

1,665,695

Computer

Services

1.73%

Asseco

Poland

SA

12,000

167,051

Diversified

Manufacturing

Operations

0.93%

Siemens

AG

920

89,923

Diversified

Operations

2.59%

Haci

Omer

Sabanci

Holding

AS

20,000

27,745

KOC

Holding

AS

91,000

221,500

249,245

E-Commerce/Products

1.92%

Allegro.eu

SA 

*

43,000

184,980

Electric

-

Distribution

3.69%

Enea

SA 

*

139,000

172,704

Tauron

Polska

Energia

SA 

*

450,000

183,095

355,799

Portfolio

of

Investments

(unaudited)

29

See

notes

to

portfolios

of

investments.

September

30,

2022

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Electric

-

Integrated

1.88%

PGE

Polska

Grupa

Energetyczna

SA 

*

144,000

$

181,152

Food

-

Retail

3.79%

AG

Anadolu

Grubu

Holding

AS

6,500

28,708

BIM

Birlesik

Magazalar

AS

5,000

31,151

Dino

Polska

SA 

*

4,500

272,569

Migros

Ticaret

AS 

*

6,000

32,670

365,098

Housewares

2.01%

Turkiye

Sise

ve

Cam

Fabrikalari

AS

142,000

193,500

Lottery

Services

1.80%

OPAP

SA

14,500

173,891

Medical

-

Drugs

2.74%

Richter

Gedeon

Nyrt

15,400

263,772

Metal

-

Diversified

0.29%

Orsu

Metals

Corp.,

144A 

#*@∆

402,500

27,681

Multi-line

Insurance

0.98%

Allianz

SE

598

94,206

Oil

Companies

-

Exploration

&

Production

0.66%

Societatea

Nationala

de

Gaze

Naturale

ROMGAZ

SA

8,000

63,313

Oil

Companies

-

Integrated

5.93%

Gazprom

Neft

PJSC 

#

7,370

41,478

MOL

Hungarian

Oil

&

Gas

PLC

63,200

350,995

OMV

Petrom

SA

2,165,000

178,875

571,348

Oil

Refining

&

Marketing

6.36%

Polski

Koncern

Naftowy

ORLEN

SA

40,062

430,061

Turkiye

Petrol

Rafinerileri

AS 

*

11,750

182,869

612,930

Property/Casualty

Insurance

3.90%

Powszechny

Zaklad

Ubezpieczen

SA

81,000

375,810

Real

Estate

Operating/Development

0.21%

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

100,000

20,590

Retail

-

Automobile

0.27%

Dogus

Otomotiv

Servis

ve

Ticaret

AS

5,000

26,166

Portfolio

of

Investments

(unaudited)

30

See

notes

to

portfolios

of

investments.

September

30,

2022

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Toy

Store

2.11%

JUMBO

SA

15,300

$

203,709

Telecom

Services

2.00%

Orange

Polska

SA

161,000

167,276

Turk

Telekomunikasyon

AS

45,000

26,019

193,295

Telephone

-

Integrated

3.89%

Hellenic

Telecommunications

Organization

SA

23,500

341,234

Magyar

Telekom

Telecommunications

PLC

50,000

34,191

375,425

Television

1.60%

Cyfrowy

Polsat

SA

48,000

154,362

Transportation

-

Marine

0.75%

AP

Moller

-

Maersk

A/S,

Class A

41

72,437

Total

Common

Stocks

7,320,233

(cost

$10,662,710)

Corporate

Non-Convertible

Bond

4.74%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

4.74%

Aris

Gold

Corp.

7.50

08/26/27

$

464,330

457,365

(cost

$464,330)

Right

0.15%

Shares

Oil

Companies

-

Integrated

0.15%

OMV

Petrom

SA 

#*@

2,165,000

14,073

(cost

$0)

Exchange

Traded

Fund

1.54%

Global

X

MSCI

Greece

ETF

7,000

148,470

(cost

$172,302)

Portfolio

of

Investments

(unaudited)

31

See

notes

to

portfolios

of

investments.

September

30,

2022

Emerging

Europe

Fund

Warrant

0.16%

Exercise

Price

Exp.

Date

Shares

Value

Mining

Services

0.16%

Aris

Mining

Corp. 

*

$

2.75

07/29/25

100,000

$

15,564

(cost

$0

)

Call

Options

Purchased

0.19%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Country

Fund-Russia

0.01%

VanEck

Russia

ETF 

#

$

16.00

01/23

$

1,600,000

1,000

1,000

Oil

Companies

-

Integrated

0.18%

BP

PLC

34.00

01/23

340,000

100

6,900

Exxon

Mobil

Corp.

110.00

01/23

550,000

50

5,550

TotalEnergies

SE

60.00

01/23

600,000

100

4,900

17,350

Total

Purchased

Call

Options

18,350

(premiums

paid

$394,704

)

Put

Option

Purchased

0.33%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Geo

Focus-Equity

0.33%

iShares

MSCI

Turkey

ETF

22.00

11/22

441,600

200

31,500

(premiums

paid

$24,141

)

Investments,

at

value

83.05%

8,005,555

(cost

$11,718,187

)

Other

assets

and

liabilities,

net

16.95%

1,634,109

Net

Assets

100.00%

$

9,639,664

Portfolio

of

Investments

(unaudited)

32

See

notes

to

portfolios

of

investments.

September

30,

2022

China

Region

Fund

Common

Stocks

78.87%

Shares

Value

Automotive

-

Cars

&

Light

Trucks

2.62%

Yadea

Group

Holdings,

Ltd.

98,000

$

156,631

Automotive

-

Medium

&

Heavy

Duty

Trucks

0.97%

Sinotruk

Hong

Kong,

Ltd.

70,000

58,165

Brewery

5.56%

China

Resources

Beer

Holdings

Co.,

Ltd.

48,000

332,963

Chemicals

-

Diversified

0.99%

Dongyue

Group,

Ltd.

60,000

59,457

Chemicals

-

Other

0.21%

Foosung

Co.,

Ltd.

1,500

12,229

Chemicals

-

Specialty

4.97%

Daqo

New

Energy

Corp.,

ADR 

*

3,175

168,529

Kingboard

Laminates

Holdings,

Ltd.

144,000

129,020

297,549

Circuit

Boards

3.24%

Unimicron

Technology

Corp.

53,000

194,018

Coal

5.73%

Shougang

Fushan

Resources

Group,

Ltd.

150,000

43,471

Yankuang

Energy

Group

Co.,

Ltd.

83,000

299,688

343,159

Commercial

Banks

Non-US

3.15%

Chang

Hwa

Commercial

Bank,

Ltd.

350,000

188,545

Computers

-

Memory

Devices

1.62%

ASPEED

Technology,

Inc.

1,760

96,866

Cosmetics

&

Toiletries

2.72%

L'Occitane

International

SA

54,000

162,795

Distribution/Wholesale

0.81%

LX

INTERNATIONAL

CORP.

1,800

48,580

E-Commerce/Products

0.84%

Alibaba

Group

Holding,

Ltd.,

ADR 

*

630

50,394

Electronic

Components

-

Semiconductors

8.88%

ASE

Technology

Holding

Co.,

Ltd.

42,000

104,416

MediaTek

,

Inc.

9,000

155,308

SK

Hynix,

Inc.

4,750

271,701

531,425

Portfolio

of

Investments

(unaudited)

33

See

notes

to

portfolios

of

investments.

September

30,

2022

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Energy

-

Alternate

Sources

3.86%

Xinyi

Solar

Holdings,

Ltd.

220,000

$

231,030

Internet

Content

-

Info

6.15%

Meituan

,

Class B 

*

3,724

78,265

Tencent

Holdings,

Ltd.,

ADR

8,565

289,669

367,934

Medical

-

Drugs

3.92%

Sino

Biopharmaceutical,

Ltd.

500,000

234,315

Metal

-

Aluminum

2.70%

Aluminum

Corp.

of

China,

Ltd.

500,000

161,695

Motorcycle/Motor

Scooter

0.22%

Niu

Technologies,

ADR 

*

3,200

13,120

Non-Ferrous

Metals

0.00%

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

Oil

Companies

-

Exploration

&

Production

0.67%

United

Energy

Group,

Ltd. 

*

350,000

39,944

Semiconductor

Components

-

Integrated

Circuit

7.26%

Global

Unichip

Corp.

5,200

95,629

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

7,000

92,788

United

Microelectronics

Corp.

220,000

246,201

434,618

Tools

-

Hand

Held

0.32%

Chervon

Holdings,

Ltd.

5,000

18,953

Transportation

-

Marine

11.46%

COSCO

SHIPPING

Holdings

Co.,

Ltd.

248,000

288,466

Orient

Overseas

International,

Ltd.

10,500

182,732

Pacific

Basin

Shipping,

Ltd.

200,000

61,757

SITC

International

Holdings

Co.,

Ltd.

83,500

153,133

686,088

Total

Common

Stocks

4,720,473

(cost

$6,402,326)

Corporate

Non-Convertible

Bond

4.05%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

4.05%

Aris

Gold

Corp.

7.50

08/26/27

$

246,094

242,403

(cost

$246,071)

Portfolio

of

Investments

(unaudited)

34

See

notes

to

portfolios

of

investments.

September

30,

2022

China

Region

Fund

Warrant

0.14%

Exercise

Price

Exp.

Date

Shares

Value

Mining

Services

0.14%

Aris

Mining

Corp. 

*

$

2.75

07/29/25

52,000

$

8,094

(cost

$0

)

Call

Options

Purchased

0.13%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Country

Fund

-

China

0.00%

Direxion

Daily

FTSE

China

Bull

3X

Shares

ETF

$

150.00

01/23

$

300,000

20

20

Invesco

China

Technology

ETF

53.00

12/22

1,325,000

250

250

270

Diversified

Banking

Institution

0.03%

HSBC

Holdings

PLC

34.00

12/22

680,000

200

2,000

E-Commerce/Products

0.10%

Alibaba

Group

Holding,

Ltd.

135.00

01/23

1,080,000

80

5,680

Total

Purchased

Call

Options

7,950

(premiums

paid

$204,328

)

Investments,

at

value

83.19%

4,978,920

(cost

$6,852,725

)

Other

assets

and

liabilities,

net

16.81%

1,006,209

Net

Assets

100.00%

$

5,985,129

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

35

Legend

General

The

yields

reflect

the

effective

yield

from

the

date

of

purchase.

Variable

and

Floating

Rate

Notes

have

periodic

reset

features,

which

effectively

shorten

the

maturity

dates

and

reset

the

interest

rates

as

tied

to

various

interest-bearing

instruments.

Rates

shown

are

current

rates

at

September

30,

2022.

Fair

Valuation

of

Securities

For

the

Funds’

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Notes

to

Financial

Statements.

The

Funds

are

required

to

disclose

information

regarding

the

fair

value

measurements

of

a

Fund’s

assets

and

liabilities.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

measurement

requirements

established

a

three-tier

hierarchy

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Inputs

refer

*

Non-income

producing

security.

~

Affiliated

Company.

(see

following)

@

Security

was

fair

valued

at

September

30,

2022,

by

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

to

systematic

fair

value

models)

in

accordance

with

valuation

procedures

approved

by

the

Board

of

Trustees.

These

securities,

as

a

percentage

of

net

assets

at

September

30,

2022,

were

0.00%

of

Global

Luxury

Goods

Fund,

1.85%

of

Global

Resources

Fund,

0.21%

of

World

Precious

Minerals

Fund,

0.64%

of

Gold

And

Precious

Metals

Fund,

0.43%

of

Emerging

Europe

Fund

and

0.00%

of

China

Region

Fund,

respectively.

See

the

Fair

Valuation

of

Securities

section

of

these

Notes

to

Portfolios

of

Investments

for

further

discussion

of

fair

valued

securities.

See

further

information

and

detail

on

restricted

securities

in

the

Restricted

Securities

section

of

these

Notes

to

Portfolios

of

Investments.

#

Illiquid

Security.

∆

Pursuant

to

Rule

144A

of

the

Securities

Act

of

1933,

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

market

value

of

these

securities

and

percentage

of

net

assets

as

of

September

30,

2022

amounted

to

$28,957,

0.08%,

of

Global

Luxury

Goods

Fund,

$427,071,

0.78%,

of

Global

Resources

Fund,

$525,164,

1.01%,

of

World

Precious

Minerals

Fund,

$2,192,472,

2.19%,

of

Gold

And

Precious

Metals

Fund,

$27,681,

0.29%,

of

Emerging

Europe

Fund

and

$0,

0.00%,

of

China

Region

Fund.

+

See

"Restricted

Securities"

in

Notes

to

Portfolios

of

Investments.

^

Security

is

currently

in

default

and

is

on

scheduled

interest

or

principal

payment.

ADR

American

Depositary

Receipt

AGM

Assured

Guaranty

Municipal

BAM

Build

American

Mutual

Assurance

Company

COP

Certificate

of

Participation

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LP

Limited

Partnership

PJSC

Public

Joint

Stock

Company

PLC

Public

Limited

Company

PSF-GTD

Public

School

Fund

Guarantee

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

36

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability,

including

assumptions

about

risk,

for

example,

the

risk

inherent

in

a

particular

valuation

technique

used

to

measure

fair

value

including

such

a

pricing

model

and/or

the

risk

inherent

in

the

inputs

to

the

valuation

technique.

Inputs

may

be

observable

or

unobservable.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Because

of

the

inherent

uncertainties

of

valuation,

the

values

reflected

in

the

portfolios

may

materially

differ

from

the

values

received

upon

actual

sale

of

those

investments.

The

three

levels

defined

by

the

fair

value

hierarchy

are

as

follows:

Level

1

–

Quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

2

in

the

hierarchy.

Municipal

securities,

long-

term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

in

order

to

adjust

for

stale

pricing.

Level

3

–

Prices

determined

using

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions).

For

restricted

equity

securities

and

private

placements

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

in

determining

fair

value.

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

September

30,

2022,

using

the

fair

value

hierarchy:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments

in

Securities*

United

States

Government

and

Agency

Obligations

$

–‌

$

32,218,414‌

$

–‌

$

32,218,414‌

Exchange

Traded

Fund

1,386,960‌

–‌

–‌

1,386,960‌

Investments,

at

Value

$

1,386,960‌

$

32,218,414‌

$

–‌

$

33,605,374‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

37

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Near-Term

Tax

Free

Fund

Investments

in

Securities*

Municipal

Bonds

$

–‌

$

24,107,889‌

$

–‌

$

24,107,889‌

Exchange

Traded

Funds

3,373,610‌

–‌

–‌

3,373,610‌

Investments,

at

Value

$

3,373,610‌

$

24,107,889‌

$

–‌

$

27,481,499‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Luxury

Goods

Fund

Investments

in

Securities*

Common

Stocks

Apparel

Manufacturers

$

1,128,177‌

$

5,144,592‌

$

–‌

$

6,272,769‌

Automotive

-

Cars

&

Light

Trucks

4,970,058‌

2,860,277‌

–‌

7,830,335‌

Beverages

-

Wine/Spirits

–‌

1,991,450‌

–‌

1,991,450‌

Cosmetics

&

Toiletries

1,323,660‌

391,915‌

–‌

1,715,575‌

Cruise

Lines

1,004,350‌

–‌

–‌

1,004,350‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Fiduciary

Banks

564,696‌

–‌

–‌

564,696‌

Finance

-

Investment

Banker/Broker

677,979‌

–‌

–‌

677,979‌

Finance

-

Mortgage

Loan/

Banker

4,042‌

–‌

–‌

4,042‌

Gold

Mining

611,422‌

–‌

–‌

611,422‌

Home

Furnishings

644,538‌

–‌

–‌

644,538‌

Hotels

&

Motels

2,683,526‌

–‌

–‌

2,683,526‌

Mining

Services

197,142‌

–‌

–‌

197,142‌

Oil

Companies

-

Exploration

&

Production

28,957‌

–‌

–‌

28,957‌

Photo

Equipment

&

Supplies

–‌

341,173‌

–‌

341,173‌

Precious

Metals

226,520‌

–‌

–‌

226,520‌

Real

Estate

Operating/

Development

–‌

–‌

0‌

0‌

Resorts/Theme

Parks

679,266‌

–‌

–‌

679,266‌

Retail

-

Apparel/Shoe

–‌

3,928,813‌

–‌

3,928,813‌

Retail

-

Jewelry

–‌

1,132,745‌

–‌

1,132,745‌

Textile

-

Apparel

1,866,722‌

–‌

–‌

1,866,722‌

Corporate

Non-Convertible

Bond

–‌

800,388‌

–‌

800,388‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

38

Global

Luxury

Goods

Fund

Warrants

Enterprise

Software/

Services

$

–‌

$

9,124‌

$

–‌

$

9,124‌

Retail

-

Jewelry

–‌

4,102‌

–‌

4,102‌

Investments,

at

Value

16,611,055‌

16,604,579‌

0‌

33,215,634‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

228,233‌

–‌

228,233‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Resources

Fund

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

1,815,615‌

$

–‌

$

–‌

$

1,815,615‌

Agricultural

Chemicals

1,105,227‌

–‌

–‌

1,105,227‌

Agricultural

Operations

–‌

575,246‌

–‌

575,246‌

Building

&

Construction

Products

-

Miscellaneous

255,950‌

–‌

–‌

255,950‌

Building

Products

-

Wood

262,569‌

–‌

–‌

262,569‌

Chemicals

-

Diversified

–‌

23,269‌

–‌

23,269‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

778,224‌

–‌

–‌

778,224‌

Distribution/Wholesale

–‌

162,884‌

–‌

162,884‌

Diversified

Minerals

3,521,235‌

657,421‌

127,930‌

4,306,586‌

Energy

-

Alternate

Sources

372,500‌

159,264‌

0‌

531,764‌

Enterprise

Software/

Services

–‌

1,882,217‌

–‌

1,882,217‌

Food

-

Miscellaneous/

Diversified

252,470‌

–‌

–‌

252,470‌

Food

-

Wholesale/

Distribution

34,387‌

–‌

–‌

34,387‌

Forestry

289,369‌

–‌

–‌

289,369‌

Gold

Mining

2,170,823‌

215,576‌

0‌

2,386,399‌

Industrial

Gases

539,180‌

–‌

–‌

539,180‌

Machinery

-

Electric

Utilities

599,700‌

–‌

–‌

599,700‌

Metal

-

Copper

710,718‌

–‌

–‌

710,718‌

Metal

-

Diversified

7,879,911‌

1,397,933‌

–‌

9,277,844‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

624,708‌

–‌

–‌

624,708‌

Natural

Resource

Technology

–‌

–‌

120,741‌

120,741‌

Non-Ferrous

Metals

1,702,001‌

6,784‌

0‌

1,708,785‌

Oil

-

Field

Services

1,176,800‌

–‌

–‌

1,176,800‌

Oil

-

US

Royalty

Trusts

4,572,998‌

321,245‌

–‌

4,894,243‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

39

Global

Resources

Fund

Common

Stocks

(continued)

Oil

Companies

-

Exploration

&

Production

$

4,568,944‌

$

–‌

$

–‌

$

4,568,944‌

Oil

Companies

-

Integrated

827,750‌

–‌

–‌

827,750‌

Oil

Refining

&

Marketing

1,326,055‌

–‌

–‌

1,326,055‌

Pipelines

1,244,325‌

–‌

–‌

1,244,325‌

Platinum

104,970‌

–‌

–‌

104,970‌

Precious

Metals

282,332‌

114,665‌

–‌

396,997‌

Real

Estate

Operating/

Development

448,836‌

–‌

0‌

448,836‌

REITS

-

Diversified

859,950‌

–‌

–‌

859,950‌

Retail

-

Jewelry

287,762‌

–‌

–‌

287,762‌

Preferred

Stock

Chemicals

-

Specialty

–‌

544,525‌

–‌

544,525‌

Corporate

Convertible

Bond

–‌

–‌

223,310‌

223,310‌

Corporate

Non-Convertible

Bonds

–‌

1,526,281‌

–‌

1,526,281‌

Warrants

Advanced

Materials/

Production

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

0‌

–‌

0‌

Enterprise

Software/

Services

5,474‌

–‌

–‌

5,474‌

Mining

Services

57,727‌

–‌

–‌

57,727‌

Non-Ferrous

Metals

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

284,142‌

–‌

–‌

284,142‌

Purchased

Call

Options

32,062‌

7,793‌

–‌

39,855‌

Investments,

at

Value

38,994,714‌

7,595,103‌

471,981‌

47,061,798‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

World

Precious

Minerals

Fund

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

5,568,487‌

$

–‌

$

–‌

$

5,568,487‌

Chemicals

-

Diversified

187‌

–‌

–‌

187‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

1,557,229‌

–‌

–‌

1,557,229‌

Diversified

Minerals

1,689,381‌

933,313‌

2,896‌

2,625,590‌

Enterprise

Software/

Services

–‌

12,512‌

–‌

12,512‌

Financial

Services

–‌

1,812‌

–‌

1,812‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

40

World

Precious

Minerals

Fund

Common

Stocks

(continued)

Gold

Mineral

Exploration

&

Development

$

191,117‌

$

–‌

$

–‌

$

191,117‌

Gold

Mining

16,411,918‌

2,351,359‌

95,016‌

18,858,293‌

Metal

-

Copper

448,535‌

–‌

–‌

448,535‌

Metal

-

Diversified

3,525,671‌

854,170‌

–‌

4,379,841‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

20,227‌

324,800‌

–‌

345,027‌

Non-Ferrous

Metals

314,909‌

–‌

–‌

314,909‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Oil

Field

Machinery

&

Equipment

–‌

141,784‌

–‌

141,784‌

Optical

Recognition

Equipment

831‌

–‌

–‌

831‌

Platinum

391,646‌

–‌

–‌

391,646‌

Precious

Metals

9,430,360‌

320,434‌

–‌

9,750,794‌

Real

Estate

Operating/

Development

913,853‌

–‌

–‌

913,853‌

Retail

-

Jewelry

805,734‌

–‌

–‌

805,734‌

Silver

Mining

2,388,424‌

–‌

–‌

2,388,424‌

Corporate

Non-Convertible

Bond

–‌

1,006,203‌

–‌

1,006,203‌

Warrants

Diversified

Minerals

–‌

0‌

–‌

0‌

Gold

Mineral

Exploration

&

Development

–‌

0‌

0‌

0‌

Gold

Mining

–‌

0‌

–‌

0‌

Metal

-

Copper

–‌

0‌

–‌

0‌

Metal

-

Diversified

2,443‌

–‌

–‌

2,443‌

Metals

&

Mining

–‌

0‌

–‌

0‌

Mining

Services

80,936‌

–‌

–‌

80,936‌

Non-Ferrous

Metals

–‌

0‌

–‌

0‌

Silver

Mining

–‌

0‌

–‌

0‌

Purchased

Call

Options

39,097‌

8,475‌

–‌

47,572‌

Investments,

at

Value

43,780,985‌

5,954,862‌

97,912‌

49,833,759‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Gold

And

Precious

Metals

Fund

Investments

in

Securities*

Common

Stocks

Applications

Software

$

–‌

$

486,865‌

$

–‌

$

486,865‌

Chemicals

-

Diversified

2,536‌

–‌

–‌

2,536‌

Diamonds/Precious

Stones

278,713‌

–‌

–‌

278,713‌

Diversified

Minerals

739,582‌

1,873,941‌

639,650‌

3,253,173‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

41

Gold

And

Precious

Metals

Fund

Common

Stocks

(continued)

Enterprise

Software/

Services

$

–‌

$

169,653‌

$

–‌

$

169,653‌

Gold

Mining

45,192,146‌

6,385,382‌

0‌

51,577,528‌

Metal

-

Diversified

7,325,130‌

–‌

–‌

7,325,130‌

Mining

Services

2,019,922‌

577,413‌

–‌

2,597,335‌

Oil

&

Gas

Drilling

–‌

2,380,572‌

–‌

2,380,572‌

Oil

Field

Machinery

&

Equipment

–‌

822,349‌

–‌

822,349‌

Platinum

2,143,600‌

1,859,524‌

–‌

4,003,124‌

Precious

Metals

5,463,919‌

–‌

–‌

5,463,919‌

Real

Estate

Operating/

Development

–‌

1,379,069‌

–‌

1,379,069‌

Retail

-

Jewelry

2,585,747‌

–‌

–‌

2,585,747‌

Silver

Mining

7,423,897‌

–‌

–‌

7,423,897‌

Corporate

Non-Convertible

Bonds

–‌

3,911,318‌

0‌

3,911,318‌

Warrants

Enterprise

Software/

Services

–‌

14,598‌

–‌

14,598‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

203,947‌

–‌

–‌

203,947‌

Purchased

Call

Options

73,209‌

35,287‌

–‌

108,496‌

Investments,

at

Value

$

73,452,348‌

$

19,895,971‌

$

639,650‌

$

93,987,969‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

Assets

Investments

in

Securities*

Common

Stocks

Airlines

$

–‌

$

203,138‌

$

–‌

$

203,138‌

Automotive

-

Cars

&

Light

Trucks

–‌

266,011‌

–‌

266,011‌

Beverages

-

Non-alcoholic

–‌

25,929‌

–‌

25,929‌

Cellular

Telecommunication

–‌

26,568‌

–‌

26,568‌

Chemicals

-

Fibers

–‌

117,209‌

–‌

117,209‌

Commercial

Banks

Non-US

–‌

1,665,695‌

–‌

1,665,695‌

Computer

Services

–‌

167,051‌

–‌

167,051‌

Diversified

Manufacturing

Operations

–‌

89,923‌

–‌

89,923‌

Diversified

Operations

–‌

249,245‌

–‌

249,245‌

E-Commerce/Products

–‌

184,980‌

–‌

184,980‌

Electric

-

Distribution

–‌

355,799‌

–‌

355,799‌

Electric

-

Integrated

–‌

181,152‌

–‌

181,152‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

42

Emerging

Europe

Fund

Assets

(continued)

Common

Stocks

(continued)

Food

-

Retail

$

–‌

$

365,098‌

$

–‌

$

365,098‌

Housewares

–‌

193,500‌

–‌

193,500‌

Lottery

Services

–‌

173,891‌

–‌

173,891‌

Medical

-

Drugs

–‌

263,772‌

–‌

263,772‌

Metal

-

Diversified

27,681‌

–‌

–‌

27,681‌

Multi-line

Insurance

–‌

94,206‌

–‌

94,206‌

Oil

Companies

-

Exploration

&

Production

–‌

63,313‌

–‌

63,313‌

Oil

Companies

-

Integrated

41,478‌

529,870‌

–‌

571,348‌

Oil

Refining

&

Marketing

–‌

612,930‌

–‌

612,930‌

Property/Casualty

Insurance

–‌

375,810‌

–‌

375,810‌

Real

Estate

Operating/

Development

–‌

20,590‌

–‌

20,590‌

Retail

-

Automobile

–‌

26,166‌

–‌

26,166‌

Retail

-

Toy

Store

–‌

203,709‌

–‌

203,709‌

Telecom

Services

–‌

193,295‌

–‌

193,295‌

Telephone

-

Integrated

–‌

375,425‌

–‌

375,425‌

Television

–‌

154,362‌

–‌

154,362‌

Transportation

-

Marine

–‌

72,437‌

–‌

72,437‌

Corporate

Non-Convertible

Bond

–‌

457,365‌

–‌

457,365‌

Right

–‌

14,073‌

–‌

14,073‌

Exchange

Traded

Fund

148,470‌

–‌

–‌

148,470‌

Warrant

Mining

Services

15,564‌

–‌

–‌

15,564‌

Purchased

Call

Options

10,450‌

7,900‌

–‌

18,350‌

Purchased

Put

Option

–‌

31,500‌

–‌

31,500‌

Investments,

at

Value

$

243,643‌

$

7,761,912‌

$

–‌

$

8,005,555‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

293,504‌

–‌

293,504‌

Total

Assets

$

243,643‌

$

8,055,416‌

$

–‌

$

8,299,059‌

Liabilities

Other

Financial

Instruments

†

Currency

Contracts

–‌

(7,469‌)

–‌

(7,469‌)

Total

Liabilities

$

–‌

$

(7,469‌)

$

–‌

$

(7,469‌)

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

43

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

Investments

in

Securities*

Common

Stocks

Automotive

-

Cars

&

Light

Trucks

$

–‌

$

156,631‌

$

–‌

$

156,631‌

Automotive

-

Medium

&

Heavy

Duty

Trucks

–‌

58,165‌

–‌

58,165‌

Brewery

–‌

332,963‌

–‌

332,963‌

Chemicals

-

Diversified

–‌

59,457‌

–‌

59,457‌

Chemicals

-

Other

–‌

12,229‌

–‌

12,229‌

Chemicals

-

Specialty

168,529‌

129,020‌

–‌

297,549‌

Circuit

Boards

–‌

194,018‌

–‌

194,018‌

Coal

–‌

343,159‌

–‌

343,159‌

Commercial

Banks

Non-US

–‌

188,545‌

–‌

188,545‌

Computers

-

Memory

Devices

–‌

96,866‌

–‌

96,866‌

Cosmetics

&

Toiletries

–‌

162,795‌

–‌

162,795‌

Distribution/Wholesale

–‌

48,580‌

–‌

48,580‌

E-Commerce/Products

50,394‌

–‌

–‌

50,394‌

Electronic

Components

-

Semiconductors

–‌

531,425‌

–‌

531,425‌

Energy

-

Alternate

Sources

–‌

231,030‌

–‌

231,030‌

Internet

Content

-

Info

289,669‌

78,265‌

–‌

367,934‌

Medical

-

Drugs

–‌

234,315‌

–‌

234,315‌

Metal

-

Aluminum

–‌

161,695‌

–‌

161,695‌

Motorcycle/Motor

Scooter

13,120‌

–‌

–‌

13,120‌

Non-Ferrous

Metals

–‌

–‌

0‌

0‌

Oil

Companies

-

Exploration

&

Production

–‌

39,944‌

–‌

39,944‌

Semiconductor

Components

-

Integrated

Circuit

–‌

434,618‌

–‌

434,618‌

Tools

-

Hand

Held

–‌

18,953‌

–‌

18,953‌

Transportation

-

Marine

–‌

686,088‌

–‌

686,088‌

Corporate

Non-Convertible

Bond

–‌

242,403‌

–‌

242,403‌

Warrant

Mining

Services

8,094‌

–‌

–‌

8,094‌

Purchased

Call

Options

7,680‌

270‌

–‌

7,950‌

Investments,

at

Value

$

537,486‌

$

4,441,434‌

$

0‌

$

4,978,920‌

*

Refer

to

the

Portfolios

of

Investments

for

a

detailed

list

of

the

Funds’

investments.

†

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Portfolios

of

Investments,

such

as

Currency

Contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

period

end.

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

44

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2022

through

September

30,

2022:

Common

Stocks

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/21

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

—‌

—‌

Ending

Balance

09/30/22

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/22

(1)

$

—‌

$

—‌

Common

Stocks

Subscription

Receipt

Convertible

Bond

Total

Global

Resources

Fund

Beginning

Balance

12/31/21

$

807,328‌

$

166,014‌

$

—‌

$

973,342‌

Transfers

out

of

Level

3

(325,768‌)

(141,583‌)

—‌

(467,351‌)

Transfers

into

Level

3

127,930‌

—‌

—‌

127,930‌

Purchases

—‌

—‌

233,130‌

233,130‌

Corporate

action

(3,687‌)

—‌

—‌

(3,687‌)

Net

change

in

unrealized

appreciation

(depreciation)

(357,132‌)

(24,431‌)

(9,820‌)

(391,383‌)

Ending

Balance

09/30/22

$

248,671‌

$

—‌

$

223,310‌

$

471,981‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/22

(1)

$

107,645‌

$

—‌

$

(9,820‌)

$

97,825‌

Common

Stock

Subscription

Receipt

Warrants

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/21

$

713,805‌

$

182,616‌

$

0‌

$

896,421‌

Transfers

out

of

Level

3

(24,001‌)

(179,390‌)

—‌

(203,391‌)

Corporate

Action

1,926‌

—‌

—‌

1,926‌

Net

change

in

unrealized

appreciation

(depreciation)

(593,818‌)

(3,226‌)

0‌

(597,044‌)

Ending

Balance

09/30/22

$

97,912‌

$

—‌

$

0‌

$

97,912‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/22

(1)

$

(66,719‌)

$

—‌

$

0‌

$

(66,719‌)

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/21

$

174,843‌

$

0‌

$

174,843‌

Corporate

Action

7,245‌

—‌

7,245‌

Transfers

into

Level

3

639,650‌

—‌

639,650‌

Transfers

out

of

Level

3

(45,462‌)

—‌

(45,462‌)

Net

change

in

unrealized

appreciation

(depreciation)

(136,626‌)

—‌

(136,626‌)

Ending

Balance

09/30/22

$

639,650‌

$

0‌

$

639,650‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/22

(1)

$

—‌

$

—‌

$

—‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

45

(

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

period

end

are

as

follows:

The

majority

of

securities

classified

as

Level

3

are

private

companies.

The

initial

valuation

is

usually

cost,

which

is

then

adjusted

as

determined

by

the

Valuation

Committee

for

subsequent

known

market

transactions

and

evaluated

for

progress

against

anticipated

milestones

and

Common

Stocks

Total

China

Region

Fund

Beginning

Balance

12/31/21

$

0‌

$

0‌

Ending

Balance

09/30/22

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/22

(1)

$

—‌

$

—‌

(1)

The

amounts

shown

represent

the

net

change

in

unrealized

appreciation

(depreciation)

attributable

to

only

those

investments

still

held

and

classified

as

Level

3

at

September

30,

2022.

Fair

Value

at

09/30/22

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Global

Luxury

Goods

Fund

Investments

in

Securities

100%

Common

Stocks

0

Market

Transaction

(1)

Discount

Global

Resources

Fund

Investments

in

Securities

0%

-

100%

discount

(83%

discount)

Common

Stocks

248,671

Market

Transaction

(1)

Discount

Convertible

Bond

223,310

Market

Transaction

(1)

Discount

0%

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(80%

discount)

Common

Stocks

97,912

Market

Transaction

(1)

Discount

Special

Warrants

0

Market

Transaction

(1)

Discount

100%

Gold

and

Precious

Metals

Fund

Investments

in

Securities

0%

-

100%

discount

(50%

discount)

Common

Stocks

639,650

Market

Transaction

(1)

Discount

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

China

Region

Fund

Investments

in

Securities

100%

Common

Stocks

0

Market

Transaction

(1)

Discount

(1)

Market

Transaction

refers

to

most

recent

known

market

transaction,

including

transactions

in

which

the

fund

participated,

as

adjusted

for

any

discount

or

premium

as

discussed

below.

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

46

current

operations.

An

evaluation

that

the

holding

no

longer

meets

expectations

could

result

in

the

application

of

discounts

and

a

significantly

lower

fair

valuation.

For

certain

securities,

the

last

known

market

transaction

is

increased

or

decreased

by

changes

in

a

market

index

or

industry

peers

as

approved

by

the

Valuation

Committee.

Affiliated

Companies

The

Investment

Company

Act

of

1940

defines

affiliates

as

companies

in

which

the

Fund

owns

at

least

5%

of

the

outstanding

voting

securities.

The

following

is

a

summary

of

transactions

with

each

affiliated

company

during

the

period

ended

September

30,

2022.

At

September

30,

2022,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0%

of

net

assets,

and

the

total

cost

was

$27,968,676.

Shares

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2021

Additions

Reductions

September

30,

2022

Caribbean

Resources

Corp.

17‌

—‌

—‌

17‌

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2021

Purchases

Cost

Sales

Proceeds

September

30

,

2022

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Caribbean

Resources

Corp.

$

0

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Pacific

Green

Energy

Corp.

0‌

—‌

—‌

0‌

—‌

—‌

—‌

$

0

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2021

Additions

Reductions

September

30,

2022

Barsele

Minerals

Corp.

7,500,000‌

—‌

—‌

7,500,000‌

Kesselrun

Resources

Ltd

5,000,000‌

—‌

—‌

5,000,000‌

Kesselrun

Resources,

Ltd.

—‌

1,250,000‌

—‌

1,250,000‌

Mammoth

Resources

Corp.

5,500,000‌

—‌

—‌

5,500,000‌

Olive

Resource

Capital,

Inc.

(formerly

Norvista

Capital

Corp.)

4,000,000‌

—‌

—‌

4,000,000‌

(a)

Polarx

,

Ltd.

37,463,888‌

—‌

(1,000,000‌)

36,463,888‌

(a)

TriStar

Gold,

Inc.

28,750,000‌

—‌

—‌

28,750,000‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

47

At

September

30,

2022,

the

value

of

investments

in

affiliated

companies

was

$4,761,646,

representing

9.16%

of

net

assets,

and

the

total

cost

was

$6,474,240.

At

September

30,

2022,

the

value

of

investments

in

affiliated

companies

was

$1,274,116,

representing

1.27%

of

net

assets,

and

the

total

cost

was

$2,909,622.

Restricted

Securities

The

following

securities

are

subject

to

contractual

and

regulatory

restrictions

on

resale

or

transfer.

These

investments

may

involve

a

high

degree

of

business

and

financial

risk.

Because

of

the

thinly

traded

markets

for

these

investments,

a

Fund

may

be

unable

to

liquidate

its

securities

in

a

timely

manner,

especially

if

there

is

negative

news

regarding

the

specific

securities

or

the

markets

overall.

These

securities

could

decline

significantly

in

value

before

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2021

Purchases

Cost

Sales

Proceeds

September

30,

2022

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Barsele

Minerals

Corp.

$

3,142,417‌

$

—‌

$

—‌

$

1,981,757‌

$

—‌

$

–‌

$

(1,160,660‌)

Kesselrun

Resources

Ltd

513,854‌

—‌

—‌

108,589‌

—‌

–‌

(405,265‌)

Kesselrun

Resources,

Ltd.

—‌

—‌

—‌

$

—‌

—‌

–‌

–‌

Mammoth

Resources

Corp.

434,800‌

—‌

—‌

69,678‌

—‌

–‌

(365,122‌)

Olive

Resource

Capital,

Inc.

(formerly

Norvista

Capital

Corp.)

252,974‌

—‌

—‌

79,632‌

(a)

—‌

–‌

(

173,342‌

)

Polarx

,

Ltd.

970,071‌

—‌

(10,865‌)

232,285‌

(a)

—‌

(67,307‌)

(

659,614‌

)

TriStar

Gold,

Inc.

4,659,275‌

—‌

—‌

2,601,622‌

—‌

–‌

(2,057,653‌)

$

9,973,391‌

$

—

$

(10,865‌)

$

5,073,563

$

—

$

(67,307‌)

$

(

4,821,656‌

)

Shares

of

Affiliated

Companies

Gold

And

Precious

Metals

Fund

December

31,

2021

Additions

Reductions

September

30,

2022

Silver

X

Mining

Corp

5,250,000‌

2,750,000‌

—‌

8,000,000‌

Values

of

Affiliated

Companies

Gold

And

Precious

Metals

Fund

December

31,

2021

Purchases

Cost

Sales

Proceeds

September

30,

2022

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Silver

X

Mining

Corp

$

1,390,371‌

$

601,452‌

$

—‌

$

1,274,116‌

$

—‌

$

–‌

$

(

717,707‌

)

(a)

At

September

30,

2022,

the

company

was

no

longer

defined

as

an

affiliate,

although

it

was

an

affiliate

company

during

the

year.

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2022

48

the

Fund

could

liquidate

these

securities.

The

issuer

bears

the

cost

of

registration,

if

any,

involved

in

the

disposition

of

these

securities.

As

of

September

30,

2022,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0%

of

net

assets.

As

of

September

30,

2022,

the

total

cost

of

restricted

securities

was

$7,443,544,

and

the

total

value

was

$0,

representing

0%

of

net

assets.

Open

forward

foreign

currency

contracts

as

of

September

30,

2022,

were

as

follows:

Global

Luxury

Goods

Fund

Acquisition

Date

Cost

per

Share/Unit

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Global

Resources

Fund

Acquisition

Date

Cost

per

Share/Unit

I-Pulse,

Inc.,

144A

10/04/07

$

1.88

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Fund

Counterparty

Currency

to

Deliver

Currency

to

Receive

Settlement

Date

Settlement

Value

at

September

30,

2022

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Europe

Fund

Brown

Brothers

Harriman

&

Co.

USD

479,885‌

EUR

500,000‌

10/17/2022

$

490,617‌

$

10,732‌

Brown

Brothers

Harriman

&

Co.

USD

409,860‌

HUF

175,000,000‌

10/17/2022

403,326‌

(6,534‌)

Brown

Brothers

Harriman

&

Co.

USD

1,901,041‌

PLN

9,500,000‌

10/17/2022

1,911,046‌

10,005‌

Brown

Brothers

Harriman

&

Co.

EUR

1,000,000‌

USD

995,260‌

10/17/2022

981,234‌

14,026‌

Brown

Brothers

Harriman

&

Co.

HUF

350,000,000‌

USD

878,845‌

10/17/2022

806,652‌

72,193‌

Brown

Brothers

Harriman

&

Co.

PLN

16,500,000‌

USD

3,490,904‌

10/17/2022

3,319,185‌

171,719‌

Brown

Brothers

Harriman

&

Co.

TRY

26,000,000‌

USD

1,376,025‌

10/21/2022

1,362,131‌

13,894‌

Global

Luxury

Goods

Fund

Brown

Brothers

Harriman

&

Co.

USD

3,359,195‌

EUR

3,500,000‌

10/17/2022

3,434,322‌

75,127‌

Brown

Brothers

Harriman

&

Co.

EUR

7,000,000‌

USD

7,021,750‌

10/17/2022

6,868,644‌

153,106‌